Polestar's Concerns Over Proposed Biden Rule

WASHINGTON (Reuters) – Polestar (NASDAQ:PSNY) announced on Monday that a proposed Biden administration rule aimed at prohibiting the use of Chinese vehicle hardware and software would "effectively prohibit" the automaker from selling vehicles in the United States.

The Swedish automaker, which is majority-owned by China's Geely, expressed in comments submitted to the Commerce Department that the new rule prohibiting Chinese connected vehicles on American roads, cited for national security reasons, would impede the sale of vehicles Polestar is building in South Carolina alongside those manufactured in China.